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Community banks were essential to the success of the Paycheck Protection Program by serving the smallest businesses outside the focus of larger banks, Federal Reserve Governor Michelle "Miki" Bowman said.
Politico reported on the frustrations of community banks and other lenders with the Paycheck Protection Program's loan-forgiveness process.
ICBA urged Congress to immediately pass stand-alone legislation to simplify Paycheck Protection Program loan forgiveness to preserve the success of the program.
ICBA today urged Congress to immediately pass stand-alone legislation to help millions of small businesses by simplifying Paycheck Protection Program loan forgiveness.
A simplified forgiveness process is urgently needed to ensure the PPP does not become a quagmire of red tape for lenders and borrowers, distracting them from the hard work of restoring employment growth.
ICBA today is repeating its call for a simplified Paycheck Protection Program forgiveness process in a statement for a House subcommittee hearing.
